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Glossary for OECD Composite Leading Indicators
Sluggish demand slows OECD GDP growth in the fourth quarter of 2011
The OECD Business Cycle Clock has been designed to better visualize business cycles - fluctuations of economic activity around their long term potential level - and how some key economic indicators interact with the business cycle.
OECD area annual inflation was stable at 2.8% in the year to February, with diverging and offsetting movements in energy and food price inflation.
Unit labour costs (ULCs) in the OECD area rose by 0.5% in the fourth quarter of 2011, compared with 0.2 per cent in the previous quarter, according to early estimates. This pick up in ULCs mainly reflects higher labour compensation per unit of labour input.
Companies are increasingly producing goods and services through supply chains spanning different countries.
Quarterly Gross Domestic Product (GDP) growth in the G20 slowed to +0.7% in the fourth quarter of 2011, compared with +0.9% in the third quarter, according to provisional results from this first time release of the G20 GDP aggregate.
The OECD area unemployment rate was 8.2% in January 2012, having remained broadly unchanged throughout 2011.
Composite Leading Indicators (CLIs) continue pointing to a positive change in momentum in the OECD as a whole..
This slight easing in the annual rate of inflation mainly reflected the slower growth in energy prices, which increased by 7.4% in the year to January, down from 8.1% in the year to December.